(Bloomberg) — In a controversial turn of events, hedge fund manager Bill Ackman has come to the defense of Elon Musk as major advertisers pull ads from the social media site X due to alleged antisemitic commentary.
Most Read from Bloomberg
Elon Musk faced backlash after endorsing a post that made derogatory comments about the Jewish community, leading to a widespread outcry. Musk’s support for the statement has sparked condemnation from the White House and Tesla Inc. shareholders, with calls for his suspension from his role as chief of the electric carmaker. Notably, advertisers such as Apple Inc. and Walt Disney Co. have halted spending on X in response to the controversy.
As the chief executive officer of Pershing Square Capital Management and a billionaire himself, Ackman’s perspective on the matter carries weight. According to Bloomberg’s Billionaires Index, Ackman’s net worth is approximately $2.2 billion.
Moreover, Ackman expressed interest in a potential deal with X Corp, as part of a new investment vehicle targeting private companies seeking to raise large sums of capital. Additionally, he disclosed a $10 million investment in the social media platform through his firm’s foundation.
Not limited to his financial involvement, Ackman is known for being an outspoken advocate against antisemitism, particularly at his alma mater Harvard. His active presence on social media reflects his commitment to addressing such issues.
Read more: Ackman Urges Suspensions at Harvard to Tackle Antisemitism
(Adds details on Ackman’s ties with X starting in the fifth paragraph.)
Most Read from Bloomberg Businessweek
©2023 Bloomberg L.P.
